Russian parliament ratifies agreement on EAU

Russian State Duma (parliament) has ratified the Eurasian Economic Union (EAU) Treaty that was signed by Russian, Belarusian and Kazakh presidents in Astana on May 29, 2014, Interfax news agency reported. The treaty establishes the Eurasian Economic Union, which envisages the free movement of goods, services, capital and labor force, as well as ensuring the coordinated economic policy of Russia, Belarus and Kazakhstan. At the same time, the treaty envisages the transition to a common customs tariff between these countries.

The budget of the EAU will be formed in Russian rubles from contributions by the member states and the amount will be defined by the Supreme Council.The implementation of the treaty will require extra budgetary spending that will be taken into account in the budget for 2015 and the next three years.While discussing the document, the members of the State Duma emphasized its importance for the integration processes in the Eurasian region.